Consider the following production function: Q 3K + 6L where K represents Capital, L represents Labour and Q represents output. What is the marginal product of capital for this production function? (Your answer should be a specific number)

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.14P
icon
Related questions
Question
Consider the following production function: Q = 3K + 6L where K represents Capital, L represents Labour and Q
represents output.
What is the marginal product of capital for this production function? (Your answer should be a specific number)
Transcribed Image Text:Consider the following production function: Q = 3K + 6L where K represents Capital, L represents Labour and Q represents output. What is the marginal product of capital for this production function? (Your answer should be a specific number)
Consider the following production function: Q = 2K + 6L where K represents Capital, L represents Labour and Q
represents output.
Which of the following statements is correct?
A. This production function exhibits increasing returns to scale and the long run average cost line will be upward
sloping.
B. This production function exhibits constant returns to scale and the long run average cost line will be horizontal (ie.
have a slope of zero).
C. This production function exhibits constant returns to scale and the long run average cost line will be upward sloping.
D. This production function exhibits increasing returns to scale and the long run average cost line will be downward
sloping.
E. This production function exhibits decreasing returns to scale and the long run average oost line will be honzontal
(i.e. have a slope of zero.)
Transcribed Image Text:Consider the following production function: Q = 2K + 6L where K represents Capital, L represents Labour and Q represents output. Which of the following statements is correct? A. This production function exhibits increasing returns to scale and the long run average cost line will be upward sloping. B. This production function exhibits constant returns to scale and the long run average cost line will be horizontal (ie. have a slope of zero). C. This production function exhibits constant returns to scale and the long run average cost line will be upward sloping. D. This production function exhibits increasing returns to scale and the long run average cost line will be downward sloping. E. This production function exhibits decreasing returns to scale and the long run average oost line will be honzontal (i.e. have a slope of zero.)
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
Economics
ISBN:
9781285635101
Author:
MCEACHERN
Publisher:
Cengage
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,